COMMONWEALTH ACTS

COMMONWEALTH ACT NO. 116

COMMONWEALTH ACT NO. 116 - AN ACT
TO MAKE THE RICE AND CORN FUND CREATED BY ACT NUMBERED TWENTY-EIGHT
HUNDRED AND EIGHTEEN, AS AMENDED AVAILABLE FOR LOANS NOT ONLY TO
AGRICULTURAL CREDIT COOPERATIVE ASSOCIATIONS ORGANIZED UNDER ACT
NUMBERED TWENTY-FIVE HUNDRED AND EIGHT, AS AMENDED, BUT ALSO TO
COOPERATIVE MARKETING ASSOCIATIONS ORGANIZED UNDER ACT NUMBERED
THIRTY-FOUR HUNDRED AND TWENTY-FIVE, AS AMENDED, TO MAKE THE SAID FUND
A REVOLVING FUND, TO AUTHORIZE THE NATIONAL LOAN AND INVESTMENT BOARD
TO ISSUE RULES AND REGULATIONS, AND TO PROVIDE EXEMPTION FROM COURT
FEES AND LEGAL CHARGES AND THE MANNER OF PUBLISHING NOTICES OF SALE

Section
1. The provisions of Act Numbered Twenty-eight hundred eighteen, as
amended, entitled, "An Act to encourage the rice and corn production in
the Philippine Islands, to appropriate the necessary fund therefor and
for other purposes," to the contrary notwithstanding, the National Loan
and Investment Board is hereby authorized to loan the fund appropriated
by said Act with all its income not only to agricultural credit
cooperative associations organized under Act Numbered Twenty-five
hundred and eight, as amended, but also to cooperative marketing
associations organized under Act Numbered Thirty-four hundred and
twenty-five, as amended, such fund to be available for loans not only
for the purpose of increasing the production of rice and corn in the
Philippines but also for the stable, orderly, and profitable marketing
of agricultural products; and the said fund shall hereafter be made a
revolving fund to be used exclusively for the purposes specified in
this Act.

Section2. The National Loan and Investment Board is
hereby authorized to issue and promulgate rules and regulations for the
proper loaning, collecting and protecting of moneys belonging to the
said fund, upon the recommendation of the Office in charge of the
supervision of agricultural cooperative marketing and credit
associations.

Section3. In all court actions to enforce payment or
protection of any loan obtained from the said fund, the National Loan
and Investment Board or whoever shall act in its behalf as plaintiff
shall be exempt from the payment of any and all fees, costs, and legal
charges payable to the Government.

Section4. Notices of sale, issued by the sheriff in
connection with a judgment rendered by any Court on actions referred to
in section three hereof in favor of the National Loan and Investment
Board in behalf of the Government, shall be published in the Official
Gazette instead of in the local newspapers. A copy of the said
publications duly certified to by the Director of Printing and filed in
the proceedings of the case shall be a sufficient proof, for all
intents and purposes, of the fact that said sheriff's notice of sale
has been duly published.

Section5. The provisions of Act Numbered Twenty-eight
hundred and eighteen, as amended, which are not inconsistent with or
expressly amended by this Act shall be deemed to be in force, and any
provisions of existing law contrary or inconsistent with the provisions
of this Act are hereby amended or repealed.

Section6. The fund created by this Act shall be known
and cited as the Agricultural Cooperative Fund, and subject to the
approval of the Board, the Office-In-Charge of the supervision and
promotion of agricultural cooperative marketing and credit associations
may set aside a portion of the earnings of this fund to carry out the
activities as required by Acts Numbered Twenty-five hundred and eight
and Thirty-four hundred and twenty-five amended.